Entrepreneurship Notes: Business Plan and Market Needs Survey

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24 Questions

Problem Inventory Analysis involves focusing on ______ to generate new ideas or solutions.

problems

Creative problem-solving techniques include ______, Brainstorming, and Problem Inventory Analysis.

Focused Group Discussion

______ involves a group of individuals discussing a new product or service in a structured format.

Focused Group Discussion

In ______, participants are encouraged to share creative ideas without criticism.

Brainstorming

Opportunity seeking is the ongoing process of considering, evaluating, and pursuing ______ activities in the marketplace.

profit-generating

The ______ Environment represents the general environment where entrepreneurs can identify business opportunities.

External

A business plan is a written outline that evaluates all aspects of the economic viability of a business venture, including a description and analysis of its ______.

business prospects

Identifying Market Needs Survey is the basic step in discovering an unmet or undeserved market need or gaining insight to a particular field is to conduct a survey among the people within the ______ of business operations.

geographic area

The easiest and cheapest technique for surveying is the ______ Survey; however, it utilizes random sampling method which will not provide representative results.

Online Survey

Telephone Survey is a technique that could provide representative results as the contacted individuals will become included in the sample once they agree to participate in the survey; however, this method is ______ and may take a long time.

expensive

Qualitative Survey involves focused group discussions and in-depth interviews, and often asks ______ questions; thus it can provide high quality feedback.

open-ended

Paper Survey uses the traditional pen-and-paper approach where it involves questionnaires sent via mail or e-mail to be filled out by respondents. It is best to employ to increase response rates and target ______ to reach audiences.

difficult

PESTLE Analysis is a popular technique for ______ scanning

environmental

Adaptive Model is a conservative approach to solve ______

problems

In the Innovative Model, entrepreneurs focus on thinking ______ the box

outside

Competitive Analysis involves researching major ______

competitors

Entrepreneurs use Environmental Scanning to monitor and analyze external ______

factors

Two prominent problem-solving models for entrepreneurs are Adaptive and ______

Innovative

The business environment includes the ______, suppliers, customers, competitors, employees, and creditors.

government

New ______ are new trends that can be the core business model of a new venture.

Discoveries

The ______ of the entrepreneur or employees can be a source of opportunity.

Skills and Expertise

[Blank] Opportunities are new projected opportunities that can possibly impact the business while it is operating.

Futuristic

Having a good ______ allows the business to align to its needs and objectives; thereby, maximizing opportunity while minimizing costs and risks.

Strategic Location

Opportunity ______ is a process that can help entrepreneurs carefully select the best opportunity for them.

Screening

Learn about the importance of a business plan in evaluating the economic viability of a venture. Explore the process of identifying market needs through techniques like conducting surveys.

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